By Chris Haywood
Businesses have had a difficult time harnessing the skill set of today’s talent. The marketplace is teeming with millennials and zillennials ready to contribute to society. Business leaders must be attuned to what the talent wants, what they need, and what motivates them to attract and retain extraordinary top talent. This calls up a tried and true leadership model, “The Carrot and The Stick.”
Essentially, there are two types of leadership; the carrot, leading through support, dream chasing, respect, partnership, empathy, and the stick, leading through fear and rewards. Both frameworks have been successful. However, I remain a fan of the carrot method. I believe this structure still works. As a late Gen-Xer, I was raised in the old-school paradigm of pressure | bonus | rewards.
Since 2014, I’ve advised that “Character is a competitive advantage.” What gets team members to go the extra mile outside of personal goals and personality is cultivating an environment of love and trust. What I’m talking about is the shape or character of the organization and its ability to nourish the people and talent gathered there. Organizations whose teams “love” them stay together longer. We have placed hundreds of individuals in organizations and have had the benefit of seeing this play out time and time again. Character is a competitive advantage—for both the candidate and the company—and is a significant factor. People want to know that the company’s values and those in leadership align with their values.
Here are a couple of considerations and the benefits for fostering a “Carrot Ecosystem”:
- Understanding the talent’s motivations is imperative. What galvanizes them? Is it praise, freedom, remote work, or some combination of these? Earlier generations in the workforce endured tense environments as a rite of passage, but they also had a different motivation—money. Millennials and zillennials have acquired a fresh ethos from what we may have once known. Adapting to a more effective model can contribute to a positive ROI and help ensure longevity with the company.
- The Carrot Ecosystem creates a competitive advantage by reducing turnover, succession planning, and it is more cost-effective through reduced turnover and operating understanding that rewards are not always financial. It’s the little things. Health programs, community involvement, etc., offer value and should be esteemed.
Millennials and Zillennials have proven themselves to be impact players in an efficient organization. Embracing them through applying carrot leadership methods can mean incredible benefits for your company.